GDP rises to 6.2 per cent
evening of honor for H. E. Ellen Johnson Sirleaf and the Africa
When Grandpa turned 70
Ghana Wesley Methodist Church, USA,
mourns with the Asafu-Adjayes
Ghanaian Women's Courage Awards (Canada)
Ovation for Secretary General Annan
Pictures of the Asantehene's visit to Morocco
Fritz Poku Retires
In This Issue...Links to the News:
September 17, 2008
2007 Budget Highlights
November 16, 2006
Accra, GNA - The following are the highlights for the 2007
budget statement presented on Thursday to Parliament by Mr
Kwadwo Baah-Wiredu, Minister of Finance and Economic
* Headline inflation declined to 10.5 per cent at the end of
the October 2006 from 14.8 per cent at the end of December
* Gross Domestic Product (GDP) growth rate projected at 6.2
per cent based on data through September 2006.
* Interest rates generally declined over the ninth month
period to September 2006 but the main policy rate, the Bank
of Ghana Prime Rate remained unchanged at 14.5 per cent
since January 2006 when it was reduced by 1.0 percentage
point to the current level.
* The Cedi depreciated by 9.5 per cent against the British
pound and 7.8 percent against the Euro, while a moderate
depreciation of 09 per cent was recorded against the US
* Provisional estimates of the Balance of Payments (BOP)
recorded a modest surplus of 77.7 million dollars compared
to a deficit of 195.8 million dollars in the same period of
* Overall fiscal deficit reduced from 6.7 per cent of GDP in
2003 to 2.3 percent of GDP in 2005.
* Provisional fiscal out-turn for January to September 2006
shows total receipts of 31,292.7 billion cedis as against
the out-turn of 23,723.7 billion cedis registered for the
same period during 2005.
* Provisional out-turn for total payments for the first
three quarters of 2006, comprising statutory and
discretionary payments was 31,929.7 billion cedis as against
23,723.7 billion cedis for the corresponding period 2005.
* Ghana's total medium debt and long term external debt at
the end of 2005 stood at 6,347.9 million dollars. This
amount had been reduced significantly to 2,143.79 million
dollars by the end of September 2006 as a result of a 66 per
cent debt reduction under the Multi-lateral Debts relief
* The BoG accumulated a net international reserve of 263.5
million dollars compared with 7.5 million dollars during the
same year in 2005.
* The agricultural sector is projected at 5.7 per cent
indicating a 0.9 percentage shortfall against the target of
6.6 per cent.
* Industrial growth is projected at 7.3 per cent with
electricity and water as the major contributing sub-sectors.
*In the mining sector, gold is projected to register a
growth of about 9.0 per cent.
* The manufacturing sector growth is projected at 4.2
showing a slowdown from the 5.0 per cent recorded in 2005.
* The construction sector projected to grow at 8.2 per cent.
* Credit to the private sector went up from 77.4 per cent a
year ago to 81.6 per cent for the year.
* Employment went up by 12.5 per cent.
* The establishment of a Fair Wage Commission to administer
the new Comprehensive Pay Structure.